v3.26.1
BUSINESS SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
BUSINESS SEGMENT INFORMATION BUSINESS SEGMENT INFORMATION
As of March 31, 2026, the Company’s consolidated subsidiaries are engaged in exploration, development, and/or production across four operating segments: the U.S., Egypt, North Sea, and Suriname. The Company’s business explores for, develops, and produces crude oil, natural gas, and natural gas liquids. The Company also has exploration interests in Alaska, Uruguay, and other international locations that may, over time, result in reportable discoveries and development opportunities.
The Chief Operating Decision Maker (CODM) is a function (not necessarily an individual) that allocates the resources of the reporting entity and assesses the performance of its segments. Decisions to assess performance and allocate resources are made by the Company’s Chief Executive Officer (CEO), Mr. John J. Christmann, IV. Therefore, management has concluded that the CEO of the Company is the CODM. The information regularly reviewed by the CODM to assess performance and allocate resources is primarily associated with operating income from each segment and the resulting free cash flow, amongst other metrics. The Company concluded that the most comparable measure under U.S. GAAP is operating income.
Financial information for each segment is presented below:
U.S.
Egypt(1)(3)
North Sea
Intersegment
Eliminations
& Other(2)
Total(3)
For the Quarter Ended March 31, 2026
(In millions)
Revenues:
Oil revenues$809 $671 $164 $— $1,644 
Natural gas revenues(12)138 31 — 157 
Natural gas liquids revenues129 — 12 — 141 
Oil, natural gas, and natural gas liquids production revenues926 809 207 — 1,942 
Purchased oil and gas sales385 — — — 385 
Realized losses on commodity derivative instruments
(66)— — — (66)
1,245 809 207 — 2,261 
Operating Expenses:
Lease operating expenses(4)
170 110 82 — 362 
Gathering, processing, and transmission(4)
68 8 15 — 91 
Purchased oil and gas costs75 — — — 75 
Taxes other than income(4)
57 — — — 57 
Exploration(5)
3 19 1 3 26 
Depreciation, depletion, and amortization(5)
342 151 60 — 553 
Asset retirement obligation accretion11 — 31 — 42 
726 288 189 3 1,206 
Operating Income (Loss)
$519 $521 $18 $(3)1,055 
Other Income (Expense):
Unrealized losses on derivative instruments
(47)
Other, net1 
General and administrative(115)
Transaction, reorganization, and separation(7)
Financing costs, net(57)
Income Before Income Taxes
$830 
Total Assets(6)
$12,593 $3,159 $1,306 $1,021 $18,079 
U.S.
Egypt(1)(3)
North Sea
Intersegment
Eliminations
& Other(2)
Total(3)
For the Quarter Ended March 31, 2025
(In millions)
Revenues:
Oil revenues$816 $582 $202 $— $1,600 
Natural gas revenues104 91 38 — 233 
Natural gas liquids revenues196 — 10 — 206 
Oil, natural gas, and natural gas liquids production revenues1,116 673 250 — 2,039 
Purchased oil and gas sales597 — — — 597 
1,713 673 250 — 2,636 
Operating Expenses:
Lease operating expenses(4)
200 110 97 — 407 
Gathering, processing, and transmission(4)
85 5 14 — 104 
Purchased oil and gas costs474 — — — 474 
Taxes other than income(4)
74 — — — 74 
Exploration(5)
2 20 1 7 30 
Depreciation, depletion, and amortization(4)
419 153 71 — 643 
Asset retirement obligation accretion10 — 29 — 39 
1,264 288 212 7 1,771 
Operating Income (Loss)
$449 $385 $38 $(7)865 
Other Income (Expense):
Unrealized losses on commodity derivative instruments
(28)
Loss on divestitures, net
(2)
Other, net6 
General and administrative(98)
Transaction, reorganization, and separation(37)
Financing costs, net57 
Income Before Income Taxes$763 
Total Assets(6)
$13,136 $3,441 $1,252 $702 $18,531 
(1)Includes oil and gas production revenue that will be paid as taxes by EGPC on behalf of the Company for the quarters ended March 31, 2026 and March 31, 2025 of:
For the Quarter Ended March 31,
 20262025
(In millions)
Oil$192 $151 
Natural gas40 24 
(2)Includes Suriname operating expenses as the operating segment has not met the quantitative thresholds to be separately reported.
(3)Includes noncontrolling interests in Egypt.
(4)Represents significant segment expense categories that align with the segment-level information that is regularly provided to the CODM. The remaining expenses that comprise the Operating Income (Loss) amount by segment are deemed to be other segment expense categories necessary to arrive at the segment profit or loss.
(5)Exploration expense under Intersegment Eliminations & Other primarily reflects the Company’s Suriname exploration activities.
(6)Intercompany balances are excluded from total assets.